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      New iron ore pellet headed to marke

      A new iron ore pellet is ready for the market.

      It is being produced by Cliffs Natural Resources in Minnesota.

      They successfully completed a two-week long, full scale production test, at the Silver Bay Mine.

      Thirty thousand tons of pellets were produced.

      The new pellets are low in silica, suitable for making steel in smaller electric arc furnaces, known as mini-mills.

      Standard taconite pellets feed traditional blast furnaces.

      Cliffs CEO said the company does not have a customer for the new kind of pellets, but talks are continuing.